The Bushwhackos don't need any help doing that. They're traitors who have shredded the rights guaranteed to all Americans under the U.S. Constitution, and they're murders responsible for of 3,628 (and rising daily) dead American troops as of 7/19/07 12:10 pm EDT, along with tens of thousands more wounded, scarred and disabled and hundreds of thousands of dead, wounded and displaced innocent Iraqis in their war based on nothing but LIES.
Regarding the OP's question, they've already blown off almost a half trillion dollars, and the total cost of the war, including post war care for our vets is expected to raise that to possibly several trillion dollars of current and future debt our great grandchildren will still be paying long after we're gone from this planet.
... for the wealthy top 1%, mostly special interest donors to their corrupt criminal cabal.
Hey, heart sturgeon -- You promised you wouldn't return. Thanks (not) for keeping your word and returning to share your incredibly uninformed, self-centered and thoroughly wrong opinions.
You don't just spout tired cliches. You ARE one. I guess you can always serve as a good example of a bad example.
- Oct 28, 1999
- 62,484
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I was looking at the wrong column. I was looking at "total" not the "under poverty".
Which does raise a point though - when you bring in that many more people, you drive up the supply of labor. When there are more people available to work, you drive down the wages. We can't magically make all jobs high paying.
Hacp
Lifer
- Jun 8, 2005
- 13,923
- 2
- 81
Yes, we can't make all jobs high paying, but we should at least see poverty levels lower because of the economic upswing. It hasn't happened. All the hoy joy about the economy being better only applies to the rich.
The supply of labor has been increasing every year at a high rate, because of globalization. All the call centers are in India for a reason. China is experiencing a manufacturing boom for a reason. Theres a reason why all these companies are reducing costs spent on labor.
I do work alot for the extra income, but my primary job provides my family enough to live a comfortable life on a single income. I obviously dont think everyone is as fortunate, but those less fortunate shouldnt think that everyone outside the elite are as unfortunate....if that makes sense.
- Oct 28, 1999
- 62,484
- 8,344
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The single greatest voting power that we have in this country isn't at a booth with a ballot. It's with our wallets at the cash register. This works in many different ways. In Dell's case they thought it would be a good idea to move to India. It backlashed. Customers hated it. Businesses stopped buying their computers. What happened? Dell took notice and scaled back the India based call centers.
You as a consumer have a choice who you support. But so many people go the cheap route. How often do you buy things online instead of going instore and paying more but giving a commission to a local sales guy? How about going to Walmart for your groceries instead of a local foodchain or even a farmers market? What about buying vehicles that were built by American workers instead of in another country?
Very few people really care about how or where that product was produced. They just want it cheap. And the company selling that product will do whatever it can to make sure that it is.
If a big enough group of consumers were ever to get together and actually commit to paying more for something that benefitted the labor force of the US, then there would be a company that would capitalize on that.
But it doesn't work because we say we want better paying jobs in the US, and we don't want the manufacturing base to die out in the US, but we just turn around and pay for something that was made for $.10 an hour in China because the sticker price was lower.
Walmart is here because we want cheap crap. Dell is a leading PC company in sales because they are the cheapest. You don't have to be rich to vote this way. But it does require some sacrafice on your part. Most people aren't willing to make that.
We are by and far a country of quantity and not quality. How do we get people to make the switch?
just so i have this right...
everyone admits they're making more money (because the economy sucks).
mexicans are flooding the country and finding work (because the economy sucks)
the DOW is at its highest level EVER (because the economy sucks)
personal home ownership is at an all time high (because the economy sucks)
unemployment is low (because the economy sucks)
inflation is modest (because the economy sucks)
MAN OH MAN, I can't wait for the economy to IMPROVE when the Democrat's take the White House!! I might end up a BILLIONARE!!
by the way
everyone admits they're making more money (because the economy sucks).
mexicans are flooding the country and finding work (because the economy sucks)
the DOW is at its highest level EVER (because the economy sucks)
personal home ownership is at an all time high (because the economy sucks)
unemployment is low (because the economy sucks)
inflation is modest (because the economy sucks)
MAN OH MAN, I can't wait for the economy to IMPROVE when the Democrat's take the White House!! I might end up a BILLIONARE!!
by the way
typical lib/lefty/Dem tactic, personal attack and lies....i never "promised i wouldn't return"
Why is this economy not great?
Lets start here...
Just when we should be getting *more* home equity, since our houses are appreciating at breakneck paces, we are actually getting less. Why? Because we are fueling our consumption, and economy, by cashing out of those equity positions. This pace will only increase as boomers sell larger houses, which they have used as piggy banks for their nest eggs, to fund their retirement.
http://calculatedrisk.blogspot...centage-homeowner.html
Interestingly enough, you can see the effects of Mean Equity Withdraw here.
http://photos1.blogger.com/hel...640/GDPMEWQ22006.1.jpg
This shows that GDP didn't really grow because we created wealth. It grew because we took wealth from other areas and put it into consumption, fueling GDP.
http://photos1.blogger.com/hel.../640/REmortgageGDP.jpg
Here we see that mortgages are increasing, in line with MEW and equity withdraws.
If we look at the Case-Shiller index we see that housing prices are declining, even Chicago and NYC is declining. As of March-07
Phoenix -4.64%
LA: -3.42%
San Diego: -6.81%
San Fran: -3.33%
Denver: -4.33%
Washington: -5.62%
Miami: -1.42%
Tampa: -4.83%
Atlanta: -1.48%
Chicago: -.93%
Boston: -7.63%
Detroit: -9.05%
Minneapolis: -3.25%
Charlotte: 0%
Vegas: -2.65%
Dallas: -1.77%
Seattle: 0%
Composite: -2.98%
So, pretty much every area in the country is heading down. Wiping out millions in home equity, creating negative mortgages. Defaults, delinquencies, and foreclosures are on the raise everywhere.
Now lets look at the stock market by starting here.
http://www.fxstreet.com/rates-charts/usdollar-index
The dollar is falling. That means that US corporations that translate their profits back to USD get *more* profit. However, they didn't produce anything more. They didn't create more goods. They weren't more profitable. It's all because the falling dollar.
Now lets look at inflation. Of course the Fed's number excludes certain items, such as energy and food. This is because it's too volatile, however, it doesn't really reflect was Joe6pack is feeling in actual life. 4 months ago a gallon of skim milk cost 3.19 at the supermarket across the street in manhattan. Now, it costs 4.19. Why the sudden increase? Just because of ethanol? Does it really matter? Produce is more expensive, cheese is more expensive, everything is more expensive. CPI is running at ~5.2%, twice the headline "core" measurements. That's also higher than traditional rates, we are easily outstripping the historical average rate.
Of course, they claim this doesn't matter and, I agree, it shouldn't be used to set monetary policy, however, it's a very valid concern to people considering their wages aren't increasing nearly as fast and their disposable income is declining quickly.
Here are some further pieces of information
http://www.epinet.org/content.cfm/pm110
Indebtedness has increased 42% in the last 5 years
Debt/income is now at 120% of after-tax income, twice the level 30 years ago
Debt/service ratio is at an all time high of 13.9%
Personal savings rate in Q1 07 was -1%, despite having record level of bonses
The US only has 1.9% more jobs today than it did Mar 01
More than 3m manufacturing jobs lost since 2000
Sure, you could claim that the economy is doing well, but it isn't. The stock market increases are a function of the falling dollar and the effect of massive private-equity buyouts, LBOs (which i-banks are having increasing problem of unloading). All of the stocks that are being rebought by PE or LBO has to go back onto the market. That means that there is more money chasing fewer stocks, equating to higher prices.
I really don't expect things to really hit the fan until December or so. That's when the largest bulk of ARMs reset, consumer credit will be all but tapped out, and energy costs will have risen enough that it'll squeeze consumers every way. You'll see a lot of things pop somewhere around Jan-Feb timeframe. This will take a center stage in the debates running up to the election.
All debt is is taking money from the future and pulling it back into the present, while paying somebody for that luxury. We have fueled our wealth, consumption, and economic growth not with increased wealth, but through debt. Our credit cards are all but tapped out at this point and it's about time we had to pay the pied piper. We have to pay for the growth we got from debt at some point, whether that's now or later is the question. I suspect it isn't too far from now.
Lets start here...
Just when we should be getting *more* home equity, since our houses are appreciating at breakneck paces, we are actually getting less. Why? Because we are fueling our consumption, and economy, by cashing out of those equity positions. This pace will only increase as boomers sell larger houses, which they have used as piggy banks for their nest eggs, to fund their retirement.
http://calculatedrisk.blogspot...centage-homeowner.html
Interestingly enough, you can see the effects of Mean Equity Withdraw here.
http://photos1.blogger.com/hel...640/GDPMEWQ22006.1.jpg
This shows that GDP didn't really grow because we created wealth. It grew because we took wealth from other areas and put it into consumption, fueling GDP.
http://photos1.blogger.com/hel.../640/REmortgageGDP.jpg
Here we see that mortgages are increasing, in line with MEW and equity withdraws.
If we look at the Case-Shiller index we see that housing prices are declining, even Chicago and NYC is declining. As of March-07
Phoenix -4.64%
LA: -3.42%
San Diego: -6.81%
San Fran: -3.33%
Denver: -4.33%
Washington: -5.62%
Miami: -1.42%
Tampa: -4.83%
Atlanta: -1.48%
Chicago: -.93%
Boston: -7.63%
Detroit: -9.05%
Minneapolis: -3.25%
Charlotte: 0%
Vegas: -2.65%
Dallas: -1.77%
Seattle: 0%
Composite: -2.98%
So, pretty much every area in the country is heading down. Wiping out millions in home equity, creating negative mortgages. Defaults, delinquencies, and foreclosures are on the raise everywhere.
Now lets look at the stock market by starting here.
http://www.fxstreet.com/rates-charts/usdollar-index
The dollar is falling. That means that US corporations that translate their profits back to USD get *more* profit. However, they didn't produce anything more. They didn't create more goods. They weren't more profitable. It's all because the falling dollar.
Now lets look at inflation. Of course the Fed's number excludes certain items, such as energy and food. This is because it's too volatile, however, it doesn't really reflect was Joe6pack is feeling in actual life. 4 months ago a gallon of skim milk cost 3.19 at the supermarket across the street in manhattan. Now, it costs 4.19. Why the sudden increase? Just because of ethanol? Does it really matter? Produce is more expensive, cheese is more expensive, everything is more expensive. CPI is running at ~5.2%, twice the headline "core" measurements. That's also higher than traditional rates, we are easily outstripping the historical average rate.
Of course, they claim this doesn't matter and, I agree, it shouldn't be used to set monetary policy, however, it's a very valid concern to people considering their wages aren't increasing nearly as fast and their disposable income is declining quickly.
Here are some further pieces of information
http://www.epinet.org/content.cfm/pm110
Indebtedness has increased 42% in the last 5 years
Debt/income is now at 120% of after-tax income, twice the level 30 years ago
Debt/service ratio is at an all time high of 13.9%
Personal savings rate in Q1 07 was -1%, despite having record level of bonses
The US only has 1.9% more jobs today than it did Mar 01
More than 3m manufacturing jobs lost since 2000
Sure, you could claim that the economy is doing well, but it isn't. The stock market increases are a function of the falling dollar and the effect of massive private-equity buyouts, LBOs (which i-banks are having increasing problem of unloading). All of the stocks that are being rebought by PE or LBO has to go back onto the market. That means that there is more money chasing fewer stocks, equating to higher prices.
I really don't expect things to really hit the fan until December or so. That's when the largest bulk of ARMs reset, consumer credit will be all but tapped out, and energy costs will have risen enough that it'll squeeze consumers every way. You'll see a lot of things pop somewhere around Jan-Feb timeframe. This will take a center stage in the debates running up to the election.
All debt is is taking money from the future and pulling it back into the present, while paying somebody for that luxury. We have fueled our wealth, consumption, and economic growth not with increased wealth, but through debt. Our credit cards are all but tapped out at this point and it's about time we had to pay the pied piper. We have to pay for the growth we got from debt at some point, whether that's now or later is the question. I suspect it isn't too far from now.
It's happening naturally by the ever growing gap of the have's and the have nots.
More importantly part of the have nots is those that used to have but because their wages have gone down they were dumped into the have not group.
When the have not group is big enough of used to have's you will see a full scale revolution against the rich and the Government they own.
It's that simple and it's happening right in front of our eyes.
Enjoy.
- Feb 25, 2004
- 21,749
- 584
- 126
I agree with your premise. But on a micro scale, if I save money where I can I'll be able to come out ahead for my own purposes. I guess if I really thought that my tiny contribution might make a difference I'd be more tempted...but, call me pessimistic if you like, I don't. I'd just be swimming against the tide.
However, your own examples are more optimistic then they seem. Didn't Dell just lose the top dog spot to HP? And weren't they complaining before that that their customers were all just buying their loss leader products? Walmarts stock has been flat for some time now right? And they've been making several failed attempts to covet buyers looking for "higher quality" items as a direction for growth.
The trouble with chasing customers that want the cheapest crap is that the business model is a sure fire way to continually reduce your profit. Are consumer tastes changing or has all the juice just been squeezed out of that orange?
On a side note, I find Walmart's failed attempts to create and sell an "upscale" clothing line absolutely hilarious. After years of positioning itself as a peddler of cheap, low class garbage to fill your trailer with they actually were stupid enough to think they could just toss some expensive clothes on their racks and expect people to flock to them! I would have liked to have been a fly on the wall when that idea was pitched...would have pissed my pants laughing.
- Oct 28, 1999
- 62,484
- 8,344
- 126
I think that many industries (cell phone, computer, ect) have hit a wall in terms of growth through hardware and profits from hardware. That's why you are seeing a huge push for services. We aren't paying for physical goods anymore, just for more bells and whistles to add to our monthly bill. I honestly haven't been following the PC market so I really don't know if Dell is still on top.
The big push isn't in market share anymore. It's about raising profits internally...hence the big push for "Premium" products.
Premium chicken nuggets. Premium drinking water. Premium roast coffee. Premium light beer. 1080P HDTV's. $500 Video Cards. That's where the profits are coming from. They can charge 3x as much for something that only cost them 1.5x times as much as the lower end produt. But hey, since it's premium it's worth the money right?
There's obviously enough people out there that have too much money to blow. And so long as they are spending it, companies are going to peddle the products.
Really, how could they ever have expected rich P&Nr's to shop in that trailer trash of a store? Bizarre.
Good post. The first thing the Bush administration did when it came to office was to collude with Greenspan and the Feds to lower the interest rate way below the rate of inflation. By 2003 the rate was 1 %. Combine that with Bush's tax cuts, and the Feds printing money like mad, and you see where all the cheap loans and 'easy' money came from. On top of that there is a global liquidity bubble and petrodollar inflation which props up the Dow.
I saw today that Goldman Sachs thinks there is risk oil will hit $ 95 dollars a barrel by December. Just in time to push matters to the brink, and possibly over.
It's called 'slumming'. People are moving downscale from the stores they used to shop in before in an effort to save money. Smart by Walmart to have something for their 'new' clients
WhipperSnapper
Lifer
- Oct 30, 2004
- 11,442
- 32
- 91
An interesting experiment would be to take his after-taxes dollars, divide them by 70 hours/week and then use his after-taxes wage to back calculate what his before-tax income would be if he worked 40 hours a week. That might put his situation into better perspective.
But note, IMHO, after 40 hours per week...each extra hour should ideally have an increasing rate of after-tax marginal return. If you're working 70 hours per week you'd better be getting paid well because your life is being sucked away.
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